Stock Analysis on Net
Stock Analysis on Net

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Regeneron Pharmaceuticals Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in thousands

Microsoft Excel
Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Accounts payable
Accrued expenses and other current liabilities
Finance lease liabilities, current portion
Deferred revenue
Current liabilities
Long-term debt
Finance lease liabilities, excluding current portion
Deferred revenue
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Preferred Stock, par value $.01 per share; shares issued and outstanding: none
Class A Stock, convertible, par value $.001 per share
Common Stock, par value $.001 per share
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury Stock, at cost
Stockholders’ equity
Total liabilities and stockholders’ equity

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

An analysis of the balance sheet reveals a period of significant expansion in both total liabilities and stockholders' equity, with the growth in equity substantially outpacing the increase in liabilities. The overall financial position is characterized by an exceptionally stable long-term debt profile and an aggressive strategy of capital return to shareholders.

Liability Trends and Composition
Total liabilities grew from 5.79 billion USD in March 2021 to 9.45 billion USD by March 2026. This increase was primarily driven by current liabilities and other noncurrent liabilities, rather than borrowed capital. Current liabilities rose from 3.22 billion USD to 5.11 billion USD, with notable increases in accounts payable, which nearly doubled over the period, and accrued expenses, which increased from 1.49 billion USD to 2.72 billion USD.
Long-term debt remained remarkably stagnant, maintaining a near-constant value of approximately 1.98 billion USD throughout the entire five-year span. This indicates a reliance on internal cash flow for operations and growth rather than new debt issuance.
Other noncurrent liabilities showed a steep upward trajectory, increasing from 571.5 million USD in March 2021 to 2.13 billion USD in March 2026, suggesting an accumulation of long-term obligations not categorized as debt.
Stockholders' Equity and Capital Allocation
Stockholders' equity experienced robust growth, increasing from 11.98 billion USD in March 2021 to 31.42 billion USD in March 2026. The primary driver of this expansion was retained earnings, which tripled from 12.01 billion USD to 36.42 billion USD, reflecting strong cumulative profitability.
A significant trend is observed in the treasury stock account, which grew from a negative 6.94 billion USD to a negative 19.41 billion USD. This reflects a massive and consistent commitment to share repurchases, which has offset a portion of the growth in total equity.
Additional paid-in capital also grew steadily from 6.89 billion USD to 14.40 billion USD, indicating ongoing capital contributions or equity-based transactions.
Financial Solvency and Structural Observations
The ratio of long-term debt to stockholders' equity decreased significantly over the period, shifting the company toward an increasingly equity-heavy capital structure. The stability of the long-term debt against the rapid growth of the equity base suggests a diminishing reliance on external leverage and a high degree of solvency.
The expansion of current liabilities, particularly accounts payable and accrued expenses, suggests an increase in operational scale. However, the massive growth in retained earnings provides a substantial cushion for meeting these short-term obligations.